Criminals Companies Hurt By Immigration Raids!
Jake asks: Are we caring about this now? Is this something we care about? (extra geek points if you can name the movie reference)
Chicago (Reuters) -- Privately held U.S. beef and pork producer Swift & Co. posted a quarterly loss of $9 million before interest, taxes, depreciation and amortization on Tuesday, in part because U.S. government immigration sweeps cut profitability.Awwww, poor criminal employers. Imagine, criminal activity hurts the bottom line? Who'da thunk it?
Immigration agents raided Swift meat plants in six states on Dec. 12 and arrested more than 1,000 workers on immigration and identity theft charges, shutting down the plants temporarily and cutting production.
The raids 'reduced the sales and profitability of our U.S. beef and pork segments in the period,' Sam Rovit, Swift's president and chief executive officer, said in a statement.
The company was hurt by administrative costs for hiring new employees and lower operating efficiency as it trained new workers to replace those arrested in the sweep.
The $9 million EBITDA loss for the fiscal third quarter, ended Feb. 25, compared with a year-earlier loss of $30 million.
Swift's net sales in the quarter fell 6.9 percent to $2.09 billion.
I'll let my favorite president handle the light work here...
The things that will destroy America are prosperity at any price, peace at any price, safety first instead of duty first, the love of soft living and the get rich quick theory of life.Technorati Tags: illegal immigration, criminal employers, swift meatpacking,